EXHIBIT 10.23
FIRST AMENDMENT
TO
SERVICES AGREEMENT
AGREEMENT made as of October 1, 1996 by and between Xxxxxxxx
Hospitality Trust, Inc., a Virginia corporation (the "Company") and Xxxxxxxx
Hospitality Management, Inc., a Maryland corporation (the "Provider").
WHEREAS, the Company is a publicly traded real estate
investment trust;
WHEREAS, as a publicly traded company, the Company needs certain
accounting and administrative services to be performed in order to comply with
the various federal and state regulatory requirements;
WHEREAS, the Company desires that the Provider provide certain services
with respect to the Company's accounting and administrative requirements;
WHEREAS, the Company and the Provider wish to correct the
amount of the fee set forth in Section 3 of the Services Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and conditions
set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Section 3 is hereby amended and replaced with the
following:
For Services to be performed under this
Agreement, the Company shall pay the Provider
a fee in the amount of Thirty Thousand Dollars
($30,000) per year which shall be payable monthly
in installments by the tenth day following the
month in which the services are performed. The
fee shall increase by Ten Thousand Dollars
($10,000) per year for each additional hotel
acquired by the Company (not including Dover) to
be earned and payable in the first year of the
hotel's existence pro rata based on when the hotel
is purchased; provided, however, that the total
fee shall not exceed One Hundred Thousand Dollars
($100,000).
2. In all other respects, the Services Agreement remains in
full force and effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first written above.
WITNESS: COMPANY:
XXXXXXXX HOSPITALITY TRUST, INC.
/s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxx Xxxxxxxx
--------------------- --------------------
Xxxxxxx X. Xxxxxx Name: Xxxxx Xxxxxxxx
Title: President
PROVIDER:
XXXXXXXX HOSPITALITY MANAGEMENT, INC.
/s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxx X. Xxxxx
--------------------- -------------------
Xxxxxxx X. Xxxxxx Name: Xxxxx X. Xxxxx
Title: President
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